TikTok has entered into a partnership with buy-now-pay-later (BNPL) service provider Atome, which will allow the online platform to offer instalment payments as a payment option on its TikTok Shop in Malaysia.

In a statement, TikTok said that once the new feature is rolled out, users will be allowed to spread out the cost of their purchases on TikTok Shop over a period of three or six months, depending on their preference. This, in turn, will “offer their [TikTok’s] consumers a convenient and flexible payment option”, said the e-commerce lead of strategy and special projects at TikTok Shop, Jonathan Low.

“TikTok Shop is about elevating the shopping experience for consumers and providing brands and small businesses with opportunities to drive growth, all of which is done by bringing together content and commerce,” Low further stated.

Similarly, the head of commercial for Atome, William Yang said that this collaboration is set to drive growth for online businesses. “By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive e-commerce growth and support brands of all sizes, but especially small and medium enterprises and young entrepreneurs,” he said.

At present, there is no concrete timeline as to when TikTok Shop will introduce the BNPL payment option for users. Meanwhile, TikTok Shop itself is still relatively young in Malaysia, having only been launched in the country in March last year as part of TikTok’s recent bid to expand into e-commerce in Southeast Asia.

TikTok Shop’s immediate rivals are e-commerce giants, Shopee and Lazada, both of which also have their own BNPL payment options (SPayLater and LazPayLater).

(Sources: The Edge Markets, CNN)

• TAGS:
• Atome
• BNPL
• BNPL Schemes
• BNPL Solution
• Buy-Now-Pay-Later Payment Solution
• Buy-Now-Pay-Later Schemes
• E-Commerce
• E-Commerce Platforms
• Jonathan Low
• TikTok
• TikTok Shop
• William Yang